What does 'Supplier Management' mean?

Supplier Management is a crucial component of any business organization that involves managing relationships with suppliers and vendors. It refers to the process of sourcing, selecting, and managing suppliers to ensure that the company's supply chain runs smoothly and efficiently. In today's fast-paced business environment, where companies are increasingly reliant on external suppliers for goods and services, the need for effective Supplier Management has become more important than ever. One of the key features of Supplier Management is the ability to streamline the entire procurement process. This includes